Subj : Tech spending forecast to boom in 2024 - and these are the areas
To   : All
From : TechnologyDaily
Date : Fri Jan 19 2024 12:00:06

Tech spending forecast to boom in 2024 - and these are the areas set to see 
the most investment

Date:
Fri, 19 Jan 2024 11:45:09 +0000

Description:
Analyst report claims IT spend will reach $4.7 trillion in 2024, with a 
sizeable part of that revenue coming from the Asia-Pacific region.

FULL STORY
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New forecasts from Forrester have projected a healthy 5.3% growth in 
technology spend for 2024, a significant boost over the 3.5% measured in the 
previous year. 

As economic conditions show slow signs of improvement, two key factors are 
expected to fuel the growth moving forward  increased investments in software 
and IT services and the resurgence of economic activities specifically in the 
Asia-Pacific Region, including China. 

By 2027, Forrester expects software and IT services to account for more than 
two-thirds (69%) of global tech spend. Businesses are spending more on tech 

The firm predicts that, by 2023, investments in generative AI software will 
total around $227 billion at a 36% rate of compound annual growth. 

More imminently, 2024 will see total global tech spend reach highs of $4.7 
trillion. Europe and North America are expected to see 5.1% and 5.7% growth 
rates respectively, as they recover from a challenging few years financially. 

Forrester credits Europes growth to higher enterprise digital maturity and 
advanced cybersecurity adoption, while North America is expected to spend 
more on its financial services and healthcare sectors. 

However, leading the way with a 5.7% growth rate will be Asia-Pacific, 
predominantly India, the Philippines, Vietnam, Indonesia, Malaysia, and 
China. 

Michael OGrady, principal forecast analyst at Forrester, shared a positive 
message: Technology companies faced significant economic headwinds this past 
year, but 2024 promises a better outlook. 

OGrady added a remark that will come as no surprise to anybody with even the 
slightest involvement in the tech industry: Demand for cloud and AI is strong 
across all regions, with genAI expected to boost the tech market over the 
next three years. 

With IT spend on the up, suppliers and manufacturers will face greater 
demand, buying them the potential to raise prices. Though its not mentioned 
in the study, Forresters research has left us wondering whether now would be 
a good time to upgrade your businesss IT before prices rise. More from 
TechRadar Pro Ready to upgrade? Check out the best workstations and the best 
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Link to news story:
https://www.techradar.com/pro/tech-spending-forecast-to-boom-in-2024-and-these
-are-the-areas-set-to-see-the-most-investment


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